Mark Cuban says we need $1,000 stimulus checks every two weeks for the next two months.
Here’s what you need to know.
Cuban, the billionaire entrepreneur and owner of the Dallas Mavericks, renewed his call from May for bi-weekly second stimulus checks to help boost the economy in the wake of the Covid-19 pandemic. As he told CNBC, Cuban’s plan would be temporary and work like this:
- All 128 million households could get a $1,000 stimulus check every two weeks
- The stimulus checks would be only for the next two months.
- Recipients must spend the entire stimulus check within 10 days of receipt, or it expires. Cuban has called it “use it or lose it.”
Cuban believes that these stimulus checks can help spur consumer demand and consumer spending, particularly for non-essential services and products. As a result, this can help save small businesses and boost the economy. Previously, Cuban also called for a transitional jobs program to help reduce unemployment that trains and hires millions of people “for a federal tracking/tracing/testing program.”
Stimulus Checks: One-Time vs. Monthly vs. Bi-Weekly
There have been several proposals for a second stimulus check. Here are some recent proposals and how they compare:
- Cares Act: The Cares Act, which Congress passed in March, included the first stimulus check up to $1,200 for individuals, $2,400 for married couples and $500 for dependents.
- Heroes Act: The Heroes Act, which the House of Representatives passed, included a one-time stimulus check up to $1,200 for individuals, $2,400 for married couples and $1,200 for dependents (up to three dependents).
- Heals Act: Senate Republicans proposed the Heals Act, which included a one-time second stimulus check of up to $1,200 for individuals, $2,400 for married couples and $500 for dependents.
- Skinny Stimulus: Senate Republicans also proposed a $500 billion stimulus bill without a second stimulus check.
- $1,000 Every Month Stimulus Check: Andrew Yang, a former 2020 presidential candidate, proposed a universal basic income plan that would provide $1,000 a month forever to every American 18 and older.
- $2,000 Every Month Stimulus Check: Sen. Kamala Harris (D-CA), the Democratic nominee for Vice President, proposed a second stimulus check of $2,000 every month.
Will I get a second stimulus check?
With the exception of the Cares Act, none of these other proposals have become law. Currently, Congress is at an impasse, and there is no indication of a near-term stimulus deal. Democrats in Congress, led by Speaker of the House Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY), are focused on a $2.2 trillion stimulus package. In contrast, Senate Majority Leader Mitch McConnell (R-KY) and Trump administration representatives Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows are targeting a $500 billion to $1 trillion stimulus package. The delta is primarily due to different spending goals on areas such as local and state aid—Democrats want nearly $1 trillion to fund local and state governments, whereas Republicans have focused on school openings, small business assistance and other areas of bipartisan overlap. If there is a stimulus deal, both parties previously agreed in principle on a second stimulus check, but there is no guarantee that it would be included. If a check is included, it would likely be a one-time stimulus check and not a monthly direct payment. While a stimulus deal could happen at any time, it’s more likely that Congress will not pass a stimulus package before the November 3 election. With the recent death of Supreme Court Justice Ruth Bader Ginsburg, the Senate will be focused in the immediate near-term on Senate confirmation hearings to fill Ginsburg’s seat and then mostly re-election campaigning in October.
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